Singapore Technologies Semiconductors extends tender offer for Stats ChipPAC

By Lisa Kerner

Charlotte, N.C., April 13 - Temasek Holdings (Pte.) Ltd.'s wholly owned subsidiary, Singapore Technologies Semiconductors Pte. Ltd., said it accepted 653,713,539 shares, or 32.4% of the outstanding shares and 27.8% of the maximum potential issued share capital, of Stats ChipPAC.

The number of shares accepted includes shares represented by 28,874,904 American Depository Shares.

The offering has been extended to 5:30 a.m. ET on April 30 from April 13, according to a company news release.

Under the agreement announced on March 1, the offer price is S$1.75 for each share and S$17.50 for each ADS in cash.

However, if shares tendered under the offer result in Singapore Technologies owning at least 90% of Stats ChipPAC's outstanding shares, Singapore Technologies plans to offer a purchase price of S$1.88 per share and S$18.80 per ADS.

In addition, Singapore Technologies has a conditional offer for Stats ChipPAC's outstanding US$115 million convertible notes due 2008 and US$150 million 2.5% convertible notes due.

Acceptances have been received for US$89.915 million principal amount of convertible subordinated notes, with no acceptances received for the convertible notes.

Temasek Holdings is an Asia investment firm located in Singapore.

Singapore-based Stats ChipPAC provides semiconductor packaging design, assembly, testing and distribution solutions.

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